Question 1

Do I still own my home with a reverse mortgage?

Accepted Answer

Yes. You keep title. The lender places a lien, but you remain the owner as long as you meet program requirements.

Question 2

What happens when I move out or pass away?

Accepted Answer

The loan becomes due. Heirs can repay the balance or sell the home. They keep any remaining equity after payoff.

Question 3

Can I get a reverse mortgage if I still have a regular mortgage?

Accepted Answer

Yes — but the reverse mortgage must pay off your existing loan first. Remaining funds go to you.

Question 4

How is my loan amount determined in Shasta Lake?

Accepted Answer

It depends on your age, home value, and current interest rates. Older borrowers with more equity qualify for larger amounts. Rates vary by borrower profile and market conditions.

Question 5

What's the HUD counseling requirement?

Accepted Answer

You must complete a session with an approved HUD counselor before closing. It's required by law — not optional.

Question 6

Are reverse mortgage proceeds taxable?

Accepted Answer

Generally no — loan proceeds are not considered income. Consult a tax advisor for your specific situation.

Reverse Mortgages in Shasta Lake, CA